Investor outflows in U.S.-traded spot Bitcoin ETFs have reached their longest streak since launch. As a net $396.6 million exited the funds on Wednesday, the uninterrupted outflow streak increased to 13 trading days. Total net outflow during this period was approximately 4.4 billion dollars.
Debut series reaches new record
The latest selloff surpassed the previous record of eight days seen in February 2025, when approximately $3.2 billion left funds. The current uptrend started on May 15. During the same period, the price of Bitcoin decreased by approximately 20% to around $62,400.
Spot Bitcoin ETFs listed in the US are experiencing the longest streak of investor outflows since their launch. With Wednesday’s net outflow of $396.6 million, the 13-trading day total loss reached nearly $4.4 billion.
Among ETF issuers, the biggest outflow was seen in BlackRock’s iShares Bitcoin Trust fund. Approximately $3.3 billion was withdrawn from IBIT in a 13-day period. This amount accounted for nearly three-quarters of total ETF outflows. Fidelity’s Wise Origin Bitcoin Fund product recorded an outflow of approximately $456.6 million, and Grayscale’s Bitcoin Trust ETF recorded an outflow of approximately $303.6 million.
| Fund | 13 days net outflow |
|---|---|
| BlackRock IBIT | $3.3 billion |
| Fidelity Wise Origin Bitcoin Fund | $456.6 million |
| Grayscale Bitcoin Trust ETF | $303.6 million |
More than 51,700 BTC decreased in ETFs
According to data, US spot Bitcoin ETFs lost more than 51,700 BTC in total assets in the last month. The market value of this amount corresponds to approximately 5 billion dollars. By contrast, BlackRock remains the largest holder of Bitcoin among ETF providers, with approximately 786,800 BTC. It is followed by Fidelity and Grayscale.
Mini dictionary: Spot Bitcoin ETF is an exchange-traded fund that aims to track the price by holding Bitcoin directly. IBIT is the short code for BlackRock’s spot Bitcoin ETF product traded in the US.
There is disagreement on the source of selling pressure
Analysts do not agree on the reason for the decline in the market. Bloomberg ETF analyst Eric Balchunas noted that looking at the long-term picture, large institutional buyers generally continue to accumulate, including Bitcoin ETFs and Michael Saylor-run Strategy. According to Balchunas, a significant part of the recent sales may have come from early Bitcoin investors. Strategy is a US-based company, previously known as MicroStrategy, which stands out for holding a large amount of Bitcoin on its balance sheet.
Eric Balchunas evaluated that large institutional buyers continued to collect Bitcoin in the long term, and the recent sales may have been due to early investors.
Some market observers think that derivative markets and leveraged transactions magnify price movements. Accordingly, the fact that on-chain sales are limited indicates that liquidations and futures dynamics may have played a more effective role in the recent volatility.
Structural change comment in Bitcoin ownership came to the fore
CryptoQuant founder Ki Young Ju argued that there is a broader change of ownership in the Bitcoin ecosystem. According to Ju, early adopters, miners and long-term investors are transferring their Bitcoin to institutional investors, ETFs and traditional financial market participants. Although this transition may create selling pressure in the short term, it may support the demand outlook over time as supply moves into the hands of investors with a longer-term perspective.
